2. FinTech Isn’t Just About Tech

FinTech is an all encompassing term for financial services that of course refers to technology, but also (and just as important as tech) are:

Organisational culture, one that embraces innovation, is able to adapt to change and cut bureaucracy

New methodologies that rethink the way of working, problem solving, customer engagement

Fresh leadership ideas

3. Incumbent Institutions WANT Disruption

Traditional financial institutions are wanting to disrupt themselves so they can be more responsive to innovation and their customers. PwC indicate that customer retention was important to incumbent institutions and as such their focus would be to:

Creating an intuitive design

Ensuring ease of use

Enabling 24/7 access

4. Emerging Technologies are Enabling Collaboration

The key point raised by the PwC Fintech Report is that “Fintech companies are driving market changes by focusing on emergent technologies that will provide a renewed experience for their customers“. As a result, incumbent financial institutions are having to:

Take note of the changing environment

Update their legacy systems – PwC indicate the incumbents are currently focusing on data analytics and mobile

Understand the emerging technologies

Adapt

Move closer to the Fintech world

Utilise the emerging technology while recognising the changing market and regulatory conditions

Improve their existing customer experience

5. FinTech and Incumbent Differences in Tech investments over the next 12 Months

PwC show the following technologies are where large fintech companies are targeting their investments in the next 12 months:

Data analytics

Mobile

Artificial intelligence

Meanwhile large financial institutions are focusing their tech investments on:

9. Regulatory Barriers to FinTech Innovation:

New business models (peer to peer lending, crowdfunding), Crytocurrencies

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10. Six Point Plan to Cultivate Innovation

I’m not sure i agree with all of these, but PwC propose the following 6 factors to bolster innovation:

Monitor new technologies

Consider a partnership

Integrate new technologies into your existing architecture

Foster an IT innovation culture

Listen to your customer across a number of channels

Support in-house innovation

PwC Fintech Report 2017 – Only Mentions Collaboration Once!

What i found most interesting is that for me the underlying and recurring theme in the PwC 2017 Fintech Report is Collaboration. Yet, the word “collaboration” is only mentioned once, and even that was “just” quoting one of their US based partners. I thought that was interesting. Anyway, the fintech report is a good read – let me know what you think in the comments below.